Estimated Closing Costs In The Hutchinson Area

Estimates are based on a Kansas Property, $100,000 purchase price with a $95,000 mortgage

Common Disbursements
Lender Appraisal Fee										$300.00
Credit Report											50.00
Mortgage Survey Fee											125.00
Kansas Mortgage Tax											253.00
Title Policy fee											175.00
Escrow Closing Fee											200.00
Recording Fees											55.00
Administrative Fee											200.00
Flood Certification Fee										25.00
						Sub-total					$1,383.00
Other Fees - If your down payment is less than 20% of the purchase price of the property, the mortgage will require PMI/MIP insurance. This will result in an additional out-of-pocket expense of 2.25% of the mortgage. This upfront cost can be financed into the mortgage											$2,137.50
There is also a monthly PMI/MIP insurance premium, which is added to the mortgage payment. This premium ranges from .5% of the mortgage value to .78% depending on the size of down payment.
Property Tax Adjustment - Between the date of possession and the time your first mortgage payment is due you will be required to pay Interest for the number of days left in the month of closing.
Insurance Adjustment - You will have to arrange for property insurance prior to the date of possession.The annual rate for a basic policy is approximately											$467
Suggested cash on had at time of closing, excluding $5,000 down payment - a minimum of ...							Total $3,987.50